Previous short-term technical outlook:
With the previous short-term technical outlook playing out perfectly as strong selling came in below the short-term support at .72. Buyers stepped in swiftly just ahead of the projected strong support at .7145.
The resistance trend line has been broken and we now wait to see if the backside will hold as support. If it does, we could see higher pricing and a deeper pullback with first institutional resistance beginning at .7232. It will take a break above the figure to signal a deeper pullback.
Sellers are still in control on this pair below .7232 so selling upticks is still preferred.
A break below the .716 support is required to see further downside and to signal trend continuation.
I hope this offers clarity on the directional bias of this pair.
Enjoy!
With the previous short-term technical outlook playing out perfectly as strong selling came in below the short-term support at .72. Buyers stepped in swiftly just ahead of the projected strong support at .7145.
The resistance trend line has been broken and we now wait to see if the backside will hold as support. If it does, we could see higher pricing and a deeper pullback with first institutional resistance beginning at .7232. It will take a break above the figure to signal a deeper pullback.
Sellers are still in control on this pair below .7232 so selling upticks is still preferred.
A break below the .716 support is required to see further downside and to signal trend continuation.
I hope this offers clarity on the directional bias of this pair.
Enjoy!
